Global Prosthetics and Orthotics Industry is expected to grow at an impressive 6% CAGR and reach US$12.2 Billion in revenue by 2033 | FMI

Posted on 2024-04-09 by Future Market Insights in Healthcare, Pharmaceuticals // 0 Comments

Global Prosthetics and Orthotics Industry

The Global Prosthetics and Orthotics Industry is experiencing significant growth, driven by rising demand and technological advancements, according to a recent report by Future Market Insights (FMI). The market, valued at over US$6.5 billion in 2022, is projected to climb steadily at a Compound Annual Growth Rate (CAGR) of 6% to reach an impressive US$12.2 billion by 2033.

The surge in demand for prosthetics and orthotics is driven by various factors, including the escalating prevalence of arthritis among the elderly population, a rise in sports-related injuries, and continuous advancements in orthopedic technology. In 2022, the upper limb orthotics segment emerged as the dominant force in the market, providing invaluable benefits such as reduced pain and expedited mobility recovery.

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The rising senior demographic has become one of the main factors for the swelled demand for prosthetics and orthotics globally. According to the United Nations, the number of people aged 60 and over will more than double, from 962 million in 2017 to 2.1 billion in 2050. Elderly people are more vulnerable to such health conditions as osteoporosis and osteopenia, making them regular clients of orthopedic medications.

The increasing prevalence of osteosarcoma in young people and children is further upscaling the demand. The most common bone tumor in children is osteosarcoma. Osteosarcoma is typically treated with chemotherapy, surgery, and radiation. Post-operative treatment for patients recuperating from this procedure usually includes orthopedic devices and prostheses.

In 2022, North America held a significant share of the global Prosthetics & Orthotics market. Government support for the Prosthetics and Orthotics sector’s development, a high level of awareness about cardiovascular and neurological disorders for an aging population, and increased awareness of spending on sports injuries are expected to propel the demand forward. Besides, easy access to high-quality medical facilities and attractive reimbursement policies are some of the key drivers of regional market growth.

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Global Prosthetics and Orthotics Industry Competitive Landscape

Ossur
Blatchford, Inc.
Fillauer LLC
Otto Bock Healthcare GmbH
The Ohio Willow Wood Company
Ultraflex Systems
Steeper Group

Some of the recent developments of key Global Prosthetics and Orthotics Industry providers are as follows:

In October 2022, Endolite announced that Linx, its fully integrated, microprocessor-controlled lower limb system has been awarded a German Design Award in the ‘Universal Design’ category.

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Market Segments Covered in Global Prosthetics and Orthotics Industry Analysis

By Type:

Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
Orthotics
- Upper Limb
- Lower Limb
- Spinal

By Region:

North America
Latin America
Europe
Asia-Pacific
Middle East and Africa (MEA)

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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